Slope of Hope Blog Posts

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I’ve been disappointed enough times by precious metals to have developed a distrust of the stuff. As a chartist, I can say that gold certainly seems to be grinding out support, but I just can’t shake the feeling that we won’t really bottom until we push (briefly) below $1,000 per ounce. In any case, the longer-term outlook isn’t good; even if gold rallies mightily, I can’t see GLD making its way past about $110. So at best, it’ll just be another rally to fade.

The low yesterday confirmed a triangle option that I wasn’t looking hard at, but I’d not treated as the main triangle option here. It’s big, and when it breaks I’m expecting it to break up. In the meantime Stan’s expecting a marginal lower low today and that would be a false break down as long as the equivalent triangles marked on RSI don’t break down. Resistance is now at yesterday’s broken support in the 2087 area, and Stan is looking for support today in the 2069-73 area, though it could run a little lower. SPX daily chart: